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Driving diversity, equity and inclusion (DE&I) within the profession has really only gained momentum within recent years, as it has become evident that racial diversity has remained practically stagnant since the 1970s, particularly among African American CPAs. While the profession is predominantly populated by women (60%), it is overwhelmingly led by men and overwhelmingly white (67.3% of all accountants)1. What those statistics do not include, however, is what percentage of CPAs are lesbian, gay, bisexual, transgender, queer and/or questioning, intersex and asexual and/or ally (LGBTQIA+). That is because the first ever survey of CPAs inquiring about sexual orientation was just administered in October 20202.
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Managing stress effectively has always been important, now more than ever. When you google the word stress, here is what you get: a state of mental or emotional strain or tension resulting from adverse or very demanding circumstances. What is causing you mental or emotional strain or tension in your life?
The pandemic pushed us all to our limits. The uncertainty surrounding life & business and the need to pivot at a moments’ notice forced us to react. Reactive leadership is driven by fear. We’re operating and behaving so as to avoid fear and discomfort, and there was a plenty of that going around! But this wasn’t new during the pandemic; chances are, you were leading from fear long before COVID-19 made an entrance.
Cryptocurrency is heading mainstream. According to a recent study conducted by New York Digital Investment Group, there are 46 million bitcoin holders in the U.S. This constitutes roughly 17% of the adult population. Institutions have also shown increased interest in this space. Publicly traded companies like Tesla, MicroStrategy and several other fintech giants have invested their corporate cash reserves in bitcoin. PayPal, Venmo and Robinhood have offered cryptocurrency services to millions of users.
Last April, I received a phone call from an old friend who wanted to vent about a colleague who was particularly struggling as a virtual leader. Like many others, they were working from their respective homes due to COVID. My friend had observed that this colleague, who was leading a team of six, was holding a daily Zoom check-in call at 8:00 am for her team because “she wanted to make sure that they had gotten up.” “Doesn’t she know what she is doing to morale?” my friend expressed in disbelief.
Deloitte announced today the establishment of Making Accounting Diverse and Equitable (MADE), a commitment to generate more advisory, auditing, and tax career opportunities and leadership pathways for the next generation of certified public accountants (CPAs). MADE represents a bold vision for the accounting profession, both in terms of increasing racial and ethnic diversity, and helping students of color see and realize their future in business through the prism and possibilities of accounting.
Norwalk, CT, June 2, 2021—The Governmental Accounting Standards Board (GASB) today issued implementation guidance in the form of questions and answers intended to clarify, explain, or elaborate on certain GASB pronouncements.
SBA Administrator Issues Statement on the Closure of Paycheck Protection Program. PPP has provided nearly $800 billion to small businesses and nonprofits across the nation, fueling the economy by supporting over 8.5 million small businesses and nonprofits.
The Taxpayer First Act (TFA), passed in 2019, is a gargantuan effort to reshape the IRS. While the key component of the TFA is to focus on improving the citizen experience or CX, it also aims to overhaul the technology used by the agency and improve cyber security. In an upcoming conference, Tax Professionals and the IRS: Successfully Working Together, the MICPA will partner with the IRS to explore how legislations like the TFA and American Rescue Plan will impact members’ practices and clients.
In the last of our three-part series investigating the many facets of the tax legislation proposals currently under consideration by Congress, the MICPA examines the potential impacts of President Biden’s tax proposal on capital gains, retirement plan contributions and estate taxes. In a recent presentation to the Michigan Chamber of Commerce, MICPA board member Leon LaBrecque, JD, CPA, CFP, CFA at Sequoia Financial Group highlighted the proposed increase of the minimum tax on foreign income as the primary capital gains tax on higher income brackets.